Nearly every advisor (94 percent) say their clients are changing the way they view luxury. It’s a topic that’s been discussed for a few years, but it seems definitive now that the former view of luxury (the “stuffier,” formal version) is no longer what many consider luxury in 2019. Simply, luxury has transitioned from things to experiences.
“It is more about the once-in-a-lifetime experiences that they can brag about and not so much the best suite,” on respondent says.
Some new experiences that clients were inquiring about include glamping or learning a new skill, such as surfing or falconry.
“Luxury is specialized access to unique and different experiences,” another advisor told us. “It is about providing a bespoke experience that it tailormade for the clients and tells them, ‘you spoke; we listened.’”
Another way that luxury has changed? Children are becoming more and more involved. One advisor tells us that they have seen private flights for a child’s first birthday, as well as a Scenic Eclipse Antarctica cruise to celebrate a 13th birthday.